In a groundbreaking inaugural speech as the newly elected President of Nigeria, Bola Tinubu boldly declared an end to the long-standing petrol subsidy regime.
The announcement, made on Monday, has sent ripples of anticipation throughout the nation as Nigerians eagerly await the transformative effects this decision may bring.
President Tinubu’s address was filled with promises of change and a firm commitment to tackling the economic challenges that have plagued the country for years.
With the elimination of the fuel subsidy, he aims to redirect the considerable funds saved towards more sustainable and development-oriented initiatives.
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“No provision is there for fuel subsidy [in the budget]. So fuel subsidy is gone. Subsidy can no longer justify an ever-increasing cost in the wake of dry resources. We shall instead rechannel [funds towards] public infrastructure, education, etc.”